Profit-taking in resource issues led Toronto stocks to a lower close Wednesday. The S&P/TSX composite index slipped 12.31 points to finish at 8,795.69.

Resource stocks leading the market lower included Inco, which shed 68¢ to $49.70 and Noranda, off $1.22 to $21.70.

The energy sector slipped as the price of crude oil in New York slipped after the U.S. Energy Information Administration announced an increase in crude inventory levels. Petro-Canada gave up $1.62 to $59.10 and Suncor Energy was off 50¢ to $35.90.

One of the biggest losers on the TSX was drug company Biovail. Its shares tumbled $2.85 to $24.95 after it cut its revenue forecast. It issued 2004 revenue guidance of US$800 million to US$940 million, down from the previous forecasst of US$880 million to US$1.07 billion.

Biovail also said asset writedowns accounted for almost half of its fourth-quarter loss of US$96 million.

The junior S&P/TSX Venture composite index fell 6.81 points to finish at 1,892.28.

In New York, blue-chip stocks edged up, while technology shares dipped, as investors gave a lukewarm welcome to mixed economic reports ahead of Friday’s key employment report.

Stocks fell in early trading after a report on the U.S. services sector pointed to an improving but still sluggish labor market.

Blue chips recovered losses in the afternoon after the Federal Reserve’s Beige Book summary of economic conditions showed moderate to accelerating growth.

The blue-chip Dow Jones industrial average closed nearly flat, rising 1.63 points to 10,593.11. The broader S&P 500 was up 1.93 points at 1,151.03. The tech-heavy Nasdaq composite index fell 6.29 points to 2,033.36.

The Canadian dollar finished the day up 0.21¢ at US74.69¢.